Adjusted EPS was $0.75, above the consensus of $0.70.

Local prices declined 18% versus the year-ago period and 5% sequentially, reflecting declines in all operating segments and regions due to lower demand and global energy and feedstock costs.

Volume decreased 8% Y/Y, with a 14% decline in Europe, the Middle East, Africa, and India.

Operating EBIT declined by 62.7% Y/Y to $885 million, and the margin contracted by 750 bps to 7.7%.

DOW's cash provided by operating activities for the quarter was $1.35 billion, compared to $1.86 billion a year ago. Free cash flow was $786 million.

Packaging & Specialty Plastics sales decreased 27.9% Y/Y to $5.94 billion, and the operating EBIT margin of 15.5% was down by 190 bps.

Industrial Intermediates & Infrastructure sales fell 27.3% Y/Y to $3.18 billion, and the operating EBIT margin contracted by 1,080 bps to -1.1%.

Performance Materials & Coatings sales declined 26.8% Y/Y to $2.19 billion, and the operating EBIT margin fell by 1,570 bps to 3%.

The company’s return to shareholders totaled $743 million in the quarter, including $493 million in dividends and $250 million in share repurchases.

Price Action: DOW shares are trading higher by 2.45% at $53.84 on the last check Tuesday.